Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Ruble after dismal performance last year, is the best performer this year.
Ruble is up, 12.5% against dollar, 22% against Euro and 18% against pound. It even appreciated 10.5% against Swiss Franc.
However, due to last year's crisis economic fundamentals have gone worse in Russia.
- Jobless rates have climbed up close to 6%, 2 year high.
- Fourth quarter GDP growth hit 0.4%, 5 year low.
- Inflation rate is hovering close to 17%, 13 year high.
Recent survey by Markit economic shows, manufacturing falling for third consecutive month and employment situation deteriorating.
Russian economy is suffering over sanctions from US and European Union.
However that is not deterring some investors to pour money into Russian assets that is benefiting Ruble.
When one has to pay money to Swiss government to hold their bonds for 10 years, it makes sense for some to invest in high yielding Russian Bonds. Central Bank is maintaining interest rates at 14%.
Higher crude prices in last two months has also improved outlook for Russia.
Currency remains calm for now, strengthening against dollar, however that might end should oil price start plunging once more.
